Indodax Market Signal October 11, 2021 | BTC Holders
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Indodax Market Signal October 11, 2021

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Indodax Market Signal October 11, 2021

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Back to its popular strength, today BTC touched the price of 800 million rupiah! Congratulations to the BTC holders who are patiently waiting. Is it going to pass its all time high again? Or want to try other bullish altcoins? Let’s find it all out in this article, let’s go!

5 Bullish Crypto Assets

  • Bitcoin (BTC)

Bitcoin (BTC) continues to trade near the 800 million rupiah level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on September 12 to around 45% today. This suggests that the strong recovery in cryptocurrencies was largely led by Bitcoin.

This sharp rise in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. While this indicator shows that the market may have gone up rapidly in a short period of time, it does not necessarily signal a confirmed short term top.

The RSI index is near the overbought zone, indicating that there will be a correction even though BTC is still in a bullish pattern. If buyers push the price above 800M – 810M, the uptrend may resume and the BTC/IDR pair may rally to 850M.

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Contrary to this assumption, if BTC corrects, the next support price will fall to the lower bands in the range of 790 million – 760 million . This is an important support to signal a change in short-term sentiment.

The next resistance target, if the uptrend continues, BTC can continue its rally towards 820 million – 850 million.

  • Ethereum (ETH)

ETH is indeed stable after upgrading the London Hard Fork system. and, today, ETH managed to touch the price of 50 million.

Like Bitcoin, Ethereum has its own blockchain on which a global network of more than 2.4 million computers known as “nodes” keeps records of transactions. Anyone can run an Ethereum node and participate in validating the network provided they have the hardware, knowledge and the right time to do so.

So, maybe you are not surprised anymore why many other crypto projects use the Ethereum system as their platform. Especially after the ETH 2.0 upgrade which changed the work system from Proof of Work to Proof of Stake.

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Based on the 1D timeframe ETH chart, ETH was able to break the 50 million price after the chart was corrected to 48 million. Furthermore, if the dominance of BTC slowly decreases, the majority of altcoins including ETH will continue their positive rally and rise to the price range of 52 million – 56 million.

  • Polkadot (DOT)

Polkadot (DOT) have been gradually moving higher towards the resistance at 530,000. The RSI is at 58.36 and is still showing an increase which is a signal to buy.

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The DOT/IDR pair in the 4H time frame experienced a correction, after reaching the 530 thousand resistance, the DOT seemed to be corrected to 490 thousand. The scenario is that if the price drops from the current level, the DOT may drop to the next support between 472K and 440K (WMA 85).

If the price bounces up from this support, it will try to push to the next resistance in the range of 520K – 550K.

  • ChainLink (LINK)

Chainlink (LINK) broke above the 200 EMA line on October 1 in the 360k price range, but buyers have not been able to take advantage of this movement, so the price is still moving around the 200 EMA. If the RSI is able to move up to the 60s, accompanied by MACD which has already cross and form a positive histogram, the LINK price will increase.

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The LINK/IDR pair may then rally to 440K and then try to test the next resistance to 502K

On the other hand, if the price drops from the current level, the support can maintain the price in the range of 340 thousand – 350 thousand.

  • IOTA

Lastly, there is IOTA present on the Bullish crypto asset list. Today, IOTA touched the level of almost 24 thousand rupiah. Last September 2021, the European Commission that supports Blockchain has selected the Iota Foundation as one of seven projects to participate in the early stages of designing a distributed ledger technology platform across the EU! You can read more news about IOTA here.

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If the positive rally continues, IOTA is able to break through the next resistance to the level of 26 thousand to 28 thousand. The RSI also forms a bullish divergence pattern and the MACD is a valid golden cross with a positive histogram. IOTA’s closest support is in the price range of 20 thousand – 19 thousand.

5 Bearish Crypto Assets

  • Compound (COMP)

Coming back from last week, the first crypto asset to experience bearishness was COMP. Maybe you’ve heard of a bug that occurred on the COMP platform recently. Even so, the DeFI community and the world’s big crypto players understand this incident. In addition, the Compound is also one of the swift teams and they are trying to solve this problem.

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  • Synthetix Network Token (SNX)

Second, there is SNX. Since last September, SNX has shown a bearish signal where the market looks sluggish. Synthetix is ??a decentralized financial protocol (DeFi) which provides on-chain exposure to a wide range of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths tracks and provides returns on the underlying asset without requiring someone to directly hold the asset.
The platform aims to expand the cryptocurrency space by introducing non-blockchain assets, providing access to more robust financial markets.

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  • AMP

Amp is described as a new digital collateral token that offers instant and verifiable guarantees for any kind of value transfer. Using Amp, networks like Flexa can secure transactions quickly and permanently for a variety of asset-related use cases.

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According to CMC, AMP had a trading volume over the last 24 hours of $15,517,380 USD. Its current CoinMarketCap rating is #60, with an immediate market cap of $2,024,189,048 USD and has an outstanding supply of 42,227,702,186 AMPs and max. supply of 92,547,638,199 AMPs.

  • Wrapped NXM (WNXM)

What is Wrapped NXM? WNXM is a Blockchain based solution for Smart Contract protection. It is claimed that Nexus Mutual Membership rights will be represented by tokens. It is also claimed that tokens can be used to purchase coverage as well as participate in claims assessment, risk assessment and governance.

WNXM represents a freely transferable “wrapped” NXM token and only Nexus Mutual KYC members can “wrap” and unlock NXM.

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According to CMC, Wrapped NXM is down 10.90% in the last 24 hours. CoinMarketCap’s current rating is #403, with an immediate market cap of $93,791,380 USD and has an outstanding supply of 1,676,964 WNXM and max. supply of 1,676,964 WNXM.

  • Efforce (WOZX)

EFFORCE (WOZX) is the crypto asset of the energy efficiency platform Efforce. Launched in December 2020, the project and token are the brainchild of Steve Wozniak, co-founder of computing giant Apple. The main goal of Efforce is to democratize the energy efficiency industry, which to this day has had problems with financing and global outreach. The WOZX token serves as a medium through which energy savings made on the Efforce platform are tokenized for use by any participant.

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According to CMC, EFFORCE is down 12.48% in the last 24 hours. CoinMarketCap’s current rating is #521, with an immediate market cap of $57,837,975 USD and has an outstanding supply of 156,246,347 WOZX and max. supply 1,000,000,000 WOZX.

NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish),
in each table above shows if, the value of EMA 5 is higher than WMA 75.85 and EMA 200 then the market tends to go up (bullish).

If the RSI and MACD values ??show the same condition, it means the market is showing the same trend, overbought (overbought) or oversold (oversold) conditions are an indicator that the market is already at the point of changing the direction of the trend.

ATTENTION: All content which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take an action in a transaction, either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the user. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.

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